The Fed kept rates in check but Federal Reserve Chair Janet Yellen offered some hawkish comments that rates could be raised at the December FOMC meeting if they deem there is enough economic growth after the election and be a scrooge. We will need fantastic jobs, GDP and manufacturing data for this to be a good move.
In the overnight electronic session the December corn is currently trading at 330-¾ ,which is ¾ of a cent higher. The trading range has been 331-¾ to 329-¼. Weather remains a huge factor as we head further into harvest when we worry about forecasts of frosts and Indian Summer. After Monday’s USDA data we are all talking about yields and exports.
Funds short covering Sunday night was not enough to hold during Monday’s day session as we sold off the highs once again. In the overnight electronic session, May corn is currently trading at 357 ¾ which is 1 ¼ of a cent lower.
On the crude oil front, we have the weekly EIA Energy Stocks at 9:30. Last night the API showed a draw of 1.9 million barrels in crude, which was slightly bullish and the products continue to be bearish. A lot of prognosticators are calling for a free fall in this market testing the $20 level.